Word: dollarization
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Dates: during 1980-1989
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...terms, the 246% jump has been exceeded three times: by a 496% run-up in the eight years before the 1929 crash, a 371% recovery from 1933 to 1937 and a 355% climb between 1949 and 1961. But all those bull markets rose from far lower price levels; in dollar terms there has never been anything remotely resembling the current market binge. The Wilshire Index of the combined value of 5,000 stocks has climbed $2.2 trillion in the past five years, equal to half the U.S. gross national product of $4.4 trillion...
...seasoned stock traders: there has never been one that has whirled up so fast for so long with so little interruption. Nothing so far has been able to stop the bull. Not worries about gargantuan budget and trade deficits. Not a sharp drop in the value of the U.S. dollar between 1985 and mid-1987. Not even the stock-market equivalent of the law of gravity, specifying that the most rapid advances ought to be broken now and then by a substantial downward correction in prices...
...past few decades, as property owners began to demand that coastal areas stay put -- by buying up seaside property and erecting multimillion- dollar beachfront houses, condominiums, hotels and resorts on the shifting sand -- the natural process of erosion began to matter to growing numbers of Americans. Along with the roads, parking lots, airfields and commercial interests that serve them, development projects not only put more people and property in harm's way but also unwittingly accelerated the damage to U.S. coastal areas...
Like a team of climbers nearing the top of a steep and dangerous mountain face, Western Europe's economies are beginning to show signs of fatigue. Though still pressing onward and upward, they face perilous obstacles, most notably the weak dollar. While Britain, Italy and Spain are still moving forward at a relatively brisk rate, such countries as West Germany, France and Sweden are faltering. And just as climbers roped together for safety can progress only at the pace of the slowest team member, growth is now being threatened by the economic laggards...
Blocking the path to robust European growth is the low value of the dollar. Despite recent gains, the U.S. currency is still down more than 40% against the West German mark and the French franc since early 1985. That decline has damaged many of Europe's export-driven economies by making their products more expensive in relation to American-made goods...